v3.19.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Revenue
General and administrative expense 1,914,154 1,589,974 3,606,865 2,970,458
Research and development expense 1,405,060 1,148,811 2,856,010 1,712,029
Total operating expenses 3,319,214 2,738,785 6,462,875 4,682,487
Loss from operations (3,319,214) (2,738,785) (6,462,875) (4,682,487)
Other income (expense)        
Interest expense - Senior Secured Note (500,304) (1,000,608)
Change in fair value - Senior Secured Convertible Note (161,108) (720,059)
Debt extinguishment loss - Senior Secured Convertible Note (258,811) (259,812)
Series A and Series A-1 Exchange Offer - March 15, 2018 - incremental fair value - Series Z Warrants issued-upon-exchange of Series A-1 Warrants (349,796)
Series W Warrants Exchange Offer - April 5, 2018 - incremental fair value - Series Z Warrants issued-upon-exchange of Series W Warrants (766,456) (766,456)
Modification - Series Z Warrant Agreement - June 1, 2018 (1,140,995) (1,140,995)
Change in fair value - Series A Warrants derivative liability (96,480)
Change in fair value - Series A Convertible Preferred Stock conversion option derivative liability 64,913
Other income (expense), net (419,919) (2,407,755) (979,871) (3,289,422)
Loss before provision for income tax (3,739,133) (5,146,540) (7,442,746) (7,971,909)
Provision for income taxes
Net loss - before noncontrolling interest (3,739,133) (5,146,540) (7,442,746) (7,971,909)
Net loss attributable to noncontrolling interest 145,522 81,200 314,273 81,200
Net loss - attributable to PAVmed Inc. (3,593,611) (5,065,340) (7,128,473) (7,890,709)
Less: Series B Convertible Preferred Stock dividends (66,792) (63,623) (132,273) (74,029)
Less: Series A-1 Convertible Preferred Stock dividends (25,148)
Less: Series A Convertible Preferred Stock dividends [1] (26,487)
Series A and Series A-1 Exchange Offer - March 15, 2018 - incremental fair value - Series B Convertible Preferred Stock issued-upon-exchange of Series A Convertible Preferred Stock (726,531)
Series A and Series A-1 Exchange Offer - March 15, 2018 - incremental fair value - Series B Convertible Preferred Stock issued-upon-exchange of Series A-1 Convertible Preferred Stock 199,241
Net loss attributable to PAVmed Inc. common stockholders $ (3,660,403) $ (5,128,963) $ (7,260,746) $ (8,543,663)
Net loss per share - attributable to PAVmed Inc. - basic and diluted $ (0.13) $ (0.26) $ (0.26) $ (0.44)
Net loss per share - attributable to PAVmed Inc. common stockholders - basic and diluted $ (0.13) $ (0.27) $ (0.27) $ (0.48)
Weighted average common shares outstanding - basic and diluted [2],[3] 27,605,881 19,289,874 27,343,912 17,924,632
[1] The convertible preferred stock dividends are included in the calculation of basic and diluted net loss attributable to PAVmed Inc. common stockholders for each respective periods presented, including: with respect to the prior year periods, the Series B Convertible Preferred Stock from March 16, 2018 to June 30, 2018, and each of the Series A-1 and Series A Convertible Preferred Stock from January 1, 2018 to March 15, 2018. See Note 12, Preferred Stock, for a further discussion of the dividends for each of the respective series of convertible preferred stock.
[2] Basic weighted-average number of shares of common stock outstanding for the period excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. Notwithstanding, as the Company was in a loss position for all periods presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive.
[3] The Series B Convertible Preferred Stock has the right to receive common stock dividends. As such, the Series B Convertible Preferred Stock would potentially been considered participating securities under the two-class method of calculating net loss per share. However, the Company has incurred net losses to-date, and the holders are not contractually obligated to share in the losses

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